Official release of the Wraith Protocol sparks an increase in Verge’s price

Official release of the Wraith Protocol sparks an increase in Verge's price

John Wayne

January 9, 2018

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Announced in September 2017, the highly anticipated Wraith Protocol for digital currency Verge (XVG) has been officially released. After the announcement was made, there was an increase in trading volumes for Verge as it rose up all the way from $0.14 and went as high as $0.24. It’s currently trading at $0.20, a 15.53 percent increase in the last 24 hours.

Image: CoinMarketCap

A Twitter post made by the official page of Verge made the announcement. The full release is now available for 64-bit Windows users. OSX users will have to wait a little longer as the post said that the OSX version will be released ‘soon’.

This announcement was followed by an announcement made by the Twitter page two days ago regarding Verge now being supported by UQUID CARD. UQUID CARD is a virtual and plastic debit card that supports cryptocurrency such as Bitcoin and other altcoins. Verge is now amongst the list of cryptocurrencies supported by UQUID CARD.

Verge is known as a “private cryptocurrency“. Unlike blockchain transactions, which can be traced, private cryptocurrency transactions cannot be traced. Transaction information is hidden through various techniques that protect the privacy of the end user.The Wraith Protocol is what sets Verge apart from more popular private cryptocurrencies such as Monero.

What is the Wraith Protocol?

The Wraith protocol gives the user the choice whether to maintain privacy or not. If a user wishes to keep things transparent, they can simply turn the Wraith Protocol off, else turn it on if they wish to remain private. With the “off” setting, the transactions are sent to Verge’s public ledger whereas with the “on” setting they are sent to the private ledger. A privacy coin can only function properly with a public or private ledger, the Wraith protocol gives the option to use both through the on and off settings.

How does it work?

If the setting is set to OFF, then the transaction will be sent to the public ledger. It’ll be visible which user sent whatever amount to another user. Both user’s names will be available, however, privacy is maintained here as well as apart from the names, you won’t be able to further inspect who those two people are. Nor will it be possible to track where those two users live.

When the setting is set to ON, then the transaction is sent to the private ledger. Externally, only the amount that is sent is visible, nothing else is visible. Who sent it, who received it is totally hidden to the external observer. So, it’s not possible to know who the two users were that were part of a transaction in addition to not being able to determine where they live or any chances for further inspection of who they are since the initial details are kept private as well.

Image: vergecurrency.com

The Wraith Protocol will make Verge a highly demanded cryptocurrency because of how the transactions will be protected. For example, if someone uses their Bitcoins in buying drugs, that transaction will be recorded and the owner’s Bitcoins will become ‘tainted’.

Many firms don’t accept tainted Bitcoins and they’re usually sold for a fraction of their actual price because of this. Since there’s no way to trace an XVG transaction, Verge will thus become a truly fungible asset just like money.

Verge not only has a passionate community but also has the support of the founder of McAfee Antivirus, John McAfee. Almost a month ago, he tweeted in support for private cryptocurrencies in which he mentioned Verge.

Many thought that McAfee accidentally mentioned Verge, but he clarified that he was talking about Verge. McAfee believes that cryptocurrencies like Verge which are privacy-centric are the future.

With top cryptocurrencies having some sort of centralization and with governments trying to get a grip on cryptocurrency transactions, privacy coin could become a game changer, especially Verge with the Wraith Protocol.

Verge has a committed team of developers striving to bring regular updates and improvements to the currency. The Wraith Protocol was just one of the things we were promised in 2018,expect a great 2018 for Verge. You can start trading Verge (XVG) now at Binance.com

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